It was Fed week. As widely expected, the central bank cut interest rates another 25 basis points on Wednesday. But the real Fed action happened on Tuesday morning and most people didn’t even notice.
In this episode of the Friday Gold Wrap, host Mike Maharrey talks about all of the Fed mechanizations – not just the rate cut – and what it all could mean.
Former Reagan administration OMB Director David Stockman has called this the “mother of all bond bubbles.” Has that bubble popped? That remains to be seen, but bonds got hammered last week.
Bonds have pretty much moved in tandem with gold over the last several weeks as perceived safe-haven trades. Peter Schiff talked about it in his latest podcast, saying he thinks the bond market is eventually going to decouple from gold.
The price of gold whipsawed this week, driven up and down by various headlines. In this episode of the Friday Gold Wrap, host Mike Maharrey covers some of the big news that moved the markets. But he said that we need to keep our eyes on the big picture. All of this is happening in front of a backdrop of surging debt driven by central bank policy. How much do we owe and what does it mean for the future? Mike talks about it.
The silver market in India has enjoyed massive growth over the last several years. Demand for the white metal has increased from around 3,000 to 6,000
tons over the last five years, according to Chirag Thakkar, CEO of the Indian bullion company Amrapali Gujarat.
The Silver Institute interviewed Thakkar for the latest edition of Silver News.
Here we go again!
Gold and silver both took a tumble yesterday because US and Chinese officials are reportedly going to have a meeting. Hope that this might mean a thaw in the trade war boosted risk sentiment and drove profit-taking in the precious metals markets.
We’ve seen this song and dance before. In this episode of the Friday Gold Wrap podcast, host Mike Maharrey talks about it. He also points out some very interesting Federal Reserve news that nobody in the mainstream has even mentioned.
US manufacturing activity contracted in August, according to the latest data.
The Institute for Supply Management (ISM) PMI index for August came in at 49.1. Any number under 50 signals a drop in manufacturing. This was the first contraction in three years and the first time the index has dropped below 50 since August 2016. August marked the fifth straight monthly decline.
Meanwhile, IHS Markit PMI hit 50.3, the lowest number since September 2009 – in the aftermath of 2008 crash.
Gold has had a pretty solid month, but silver has been going up like it’s on rocket fuel.
In this episode of the Friday Gold Wrap, host Mike Maharrey takes a close look at the silver market and what’s going on there. He talks a little trade war, saying that maybe we shouldn’t be talking so much about the trade war. And he also touches on some economic news that came out the week.
There has been a lot of focus on the recent gold rally. It has even caught the attention of the mainstream. But silver has also been quietly running upward. In fact, the white metal has outperformed gold this month. While the yellow metal has gained about 8% on the month, silver is up 11%.
Yesterday (Aug. 27) gold was up $16 per ounce and closed at $1,542.50. It was the highest close in six years. But it was an even bigger day for silver. The white metal was up 53 cents and closed at $18.17. Peter Schiff has been pounding the table on silver in recent weeks, and he talked about the big silver rally in his latest podcast.
Mine output fell significantly in three of the world’s top silver-producing countries through the first half of the year.
Peru’s silver production fell 10%, mine output in Mexico fell 4%, and silver production in Chile was down 7%, according to data released by government agencies in those three countries.
This week has been relatively quiet in the markets. Gold has drifted up and down as traders wait to see what kind of message Fed Chair Jerome Powell will deliver during his Jackson Hole speech. In this episode of the Friday Gold Wrap, host Mike Maharrey covers some tidbits of news and speculates about what Powell will say. Then he pivots and talks a little bit about President Trump and the strange economic tightrope that he’s trying to walk.